Investor Expectations: The evolving landscape

The IR industry has seen unprecedented structural change in recent years with the rise in activism and passive investment, for example, and other key market changes driven by regulatory and technological developments. This interactive session will feature a discussion between senior IROs and the buy-side, with expert market input, on how investor communications are evolving with particular focus on the increasing need for board involvement in IR.

The findings of Citigate Dewe Rogerson’s 10th Annual IR Survey will also be shared with the audience and used to facilitate the discussion between panellists and our guests. Registration to this event is free.

Moderator

  • John Gollifer, former General Manager, IR Society

Panel Participants

  • Catherine Nash, IR Director, Royal Mail
  • David Walker, Head of IR, British Land
  • Rob Beale, Corporate Governance Team Manager, Capital Group
  • Will Pomroy, Associate Director – Engagement, Hermes Investment Management
  • Cas Sydorowitz, CEO Corporate Advisory, Georgeson

To register or if you have any questions please email Kate Bundy (kate.bundy@citigatedewerogerson.com) or call +44 (0)20 7282 1024.

What will I gain?

Module One

  • An overview of the fundamental areas of regulation and compliance that affect IR
  • An understanding of the areas of regulation with a day-to-day impact on IR
  • A toolkit for dealing with price sensitive information, disclosure requirements, transactions and listing obligations and the financial and reporting calendar

Module Two

  • An overview of EU Listing rules: IPOs, Prospectus, Secondary listings, takeovers, etc.
  • An understanding of stock exchange obligations
  • An opportunity to discuss the practical implications of these rules with a guest speaker

"Really good session - case studies particularly helpful at bringing it to life."

“ The course made my interest in IR increase hugely – all my objectives were met and there were a lot of high quality discussions. A lot covered, and delivered very well, particularly on topics which could be considered dry!”

"Very useful overview of the regulations, especially as a newcomer to the IR function, and bringing my knowledge up to date. I especially liked all the real life examples - companies, fines, outcomes of tougher regulation. Excellent course!"

Course tutor: Deborah Morton-Dare - Module 1

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

Course tutor: Diane Faulks - Module 2

Independent

Diane is an Investor Relations specialist with over 25 years’ experience gained in a variety of disciplines including corporate in-house, consultancy and banking. During 10 years of in-house roles she was involved in shareholder ID, targeting and the development of a proactive campaign to reshape a large retail (government privatised) shareholder base to an international institutional base particularly within North America. Her consultancy roles encouraged best use of technology to identify, target and communicate with institutional investors. Diane spent over 14 years with Citi Depositary Receipts’ where she advised clients on cross border communication during listing, capital raising and shareholder expansion. She has been a member of the IR Society since 1994, a board director from 2000-2006 and Chairman of the Society from 2003-2005.

Guest speaker: Lisa Williams

Head of IR, EMEA - Citi Depositary Receipts Services

Lisa joined Citi’s Depositary Receipt Group in December 2014 as Head of Investor Relations Advisory for EMEA.  Lisa has worked investor relations for 15 years and has experience of many aspects of corporate IR including equity capital raising, defence, management transition, shareholder activism, credit ratings and debt IR.  She was Director of Investor Relations for FTSE-250 retail brand Debenhams plc from 2007 to 2014 and for Rentokil Initial plc between 2005 and 2007 and Cookson Group plc between 1999 and 2015.  Lisa holds an LLB Law from the University of London.

Programme

Module 1

  • Understanding the regulatory framework
  • Role of a Sponsor
  • Insider dealing and market abuse; how to deal with price sensitive information
  • Disclosure Guidance and Transparency Rules (DTRs)– continuing obligations
  • Dealing with the sell-side
  • Knowing your shareholders
  • Financial calendar and reporting
  • Recent case studies and current issues

Module 2 

  • ​Transactions and Listing Obligations
  • Introduction to current regulatory framework
  • IPO Process and market choice
  • Listing rules and Prospectus rules
  • IPO timetable, team and responsibilities
  • Transactions including take-overs and mergers & acquisitions
  • Role of the Takeover Panel
  • Overview of the US market regulations effecting IR
  • A guest speaker addressing how the IRO works during these times of capital markets activity

What will I gain?

Module One

  • Foundation knowledge in understanding a set of company accounts
  • Gain fluency in financial jargon
  • A clear understanding of the relevance and limitations of financial statements

Module Two

  • An understanding of the key principles behind most commonly used valuation methods
  • A grasp of the fundamentals of the discounted cash flow valuation model and key sensitivities
  • An awareness of risk and return parameters and non-financial considerations impacting investment decision making

"Excellent, jargon free teaching with plenty of time for examples and discussion. Very grounded in the real world of IR / accounting."

"Excellent course - I now have a much fuller understanding of accounts and valuations. Very helpful."

"Really enjoyed the structure of the course. Concise but very informative. Great use of real life examples which made complicated topics easier to understand such as the different ratios used."

Course tutor: Deborah Morton-Dare

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

Programme

Module one

  • Introduction
  • The Accounting Foundations - What is Financial Information?
  • The Components of a Balance Sheet
  • The Components of a Profit and Loss Account
  • Cash Flow Statements


Module two

  • Introduction
  • Fundamental concept of discounted cash flow
  • Risk vs return
  • Business strategy
  • Introduction to valuation methods
  • Conclusion: What really matters

Course tutor: Deborah Morton-Dare

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

What will I gain?

  • A good insight into the role of investor relations and the financial market environment in which IR operates
  • A thorough understanding of the fundamentals of financial markets
  • An overview of the current regulatory environment
  • An invaluable opportunity to clarify specific questions through the Q&A session

"Really useful training. Interesting topics and some clear explanations, delivered by an excellent and very engaging trainer! With little knowledge on the subject, the course certainly achieved its aim for me. I found it inspiring and feel that it has given me a good understanding of the topic."

"Very well organised - great trainer. Considering future courses on the back of this one!"

"Extremely informative and incredibly interesting. Really solidified my very fledgling knowledge."

Course tutor: Deborah Morton-Dare

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

Guest speaker: Richard Foster

Rolls-Royce

Richard joined Rolls-Royce within the Investor Relations team in August 2017. Prior to that, Richard was an Investor Relations Manager at National Grid Plc for just over two years. Richard joined National Grid in September 2010 from Leeds University Business School, and had various commercial and finance roles across the business including group finance & planning, where he qualified as a Chartered Management accountant (CIMA). Prior to National Grid, Richard spent a year out of university working in consulting within Ernst & Young's UK Advisory practice.

Programme

  • Introduction
  • Companies
  • Financial Markets
  • Stock Exchanges
  • Equity Investors and Investment Principles
  • Role of IR
  • Summary and Conclusion

What will I gain?

  • A good insight into IR and how to support senior management
  • An understanding of the dynamics of financial markets, including the key participants
  • A solid understanding of the financial jargon and the sensitivity around disclosure of information

"Really informative and interesting - will really help me with my new role as an IR executive assistant."

"Very informative and easy to follow. Deborah was a great presenter and engaging."

"The course gave a good in depth knowledge of Investor Relations. At the same time it was targeted at personal and executive assistants, which made it easy to understand the content. It was also very valuable to meet other personal and executive assistants."

Course tutor: Deborah Morton-Dare

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

Programme

  • Introduction to Investor Relations
  • An overview of financial markets
  • Practical tips for creating value in your role
  • Facilitating the investor relations calendar

What will I gain?

  • Practical insights into leveraging outside resources and online tools
  • A clear understanding of the risks and opportunities of your shareholder register
  • How to maximise the support of brokers, sales teams and other providers
  • A perspective on the key requirements for effective and efficient investor engagement

"Very good to understand the targeting approach, ways to identify/ interpret information and look to maximise value from using management time."

"Really good insights from people with lots of industry experience. Took away three to four interesting things that will assist me in the future. Coming from a background without much exposure to IR, this was a great way to get a wide introduction and beneficial for future work."

"Very informative - being a third party service it's great to hear what IRO's are facing in this uncertain climate. Great coverage of topics."

Course tutor: Diane Faulks

Independent

 Diane is an Investor Relations specialist with over 25 years’ experience gained in a variety of disciplines including corporate in-house, consultancy and banking. Regulation has been a foundation of all these roles working alongside lawyers, brokers and financial advisors. Over her 10 years of in-house roles she was involved in IPO/secondary offerings, M&A and US listings. During 14 years with Citi Depositary Receipts’ Diane advised clients on cross border communication during listing, capital raising and shareholder expansion. She has been a member of the IR Society since 1994, a board director from 2000-2006 and Chairman of the Society from 2003-2005.

Programme

  • Introduction and developing your targeting strategy
  • Understanding Investor trends
  • Broker perspective - how to maximise the benefit of using a house broking team
  • Using an IR Firm effectively
  • What the Buy-side wants
  • Best Practice, new technologies

What will I gain?

  • An overview of the current regulatory themes
  • A solid understanding of forthcoming regulatory changes
  • Updates on best practice in the corporate reporting regime, corporate governance and stewardship 

"This course was the right length and covered all the relevant content. Good to hear other companies' experiences."

"A very clear and well structured course, taking a good sweep across regulatory developments. A useful update and the discussion format worked very well - I would definitely recommend this course to all IROs!"

"A very useful refresher!"

Course tutor: Deborah Morton-Dare

Independent

Deborah specialises in financial training for all levels from beginners to advanced. She presents a comprehensive range of courses to a diverse range of corporate clients and financial institutions and specialises in making complex technical subjects comprehensible. 

Deborah qualified as a Chartered Accountant with Arthur Young and then worked in Corporate Finance gaining wide ranging experience in a variety of corporate and financial institutions. She then worked as a financial consultant to companies assisting them in raising finance and structuring.

Programme

  • Changes to the Financial Services and Markets Act
  • The FCA Handbook
  • The UK Corporate Governance Code
  • The UK Stewardship code
  • Companies Act 2006
  • Narrative reporting and EU consultations

What will I gain?

  • An invaluable overview of shareholder targeting, investor days and site visits
  • A clear understanding of effective communication and disclosure obligations
  • Advice on managing relationships with shareholders, brokers and analysts
  • Hints and tips for planning roadshows, webcasts and the annual report

"Enjoyed the session. Discussion-based format is very useful and speakers were very knowledgeable and happy to answer questions. Good IR background and viewpoint from practitioners."

"Great set of speakers, covering a variety of aspects of IR."

"Very Interesting talks by well prepared expert speakers."

Course tutor: Lorraine Rees

Lorraine established IR-connect as a new investor relations consultancy in 2015. Prior to that she had been IR Director at Standard Life plc, Head of IR at The Phoenix Group, and an equity analyst at Exane BNP Paribas. She originally trained as a chartered accountant, and has also worked in strategy, corporate finance and banking.

Guest speaker: Patrick Yau

Patrick Yau is Head of the Investor Relations function at Entertainment One, a global content production and distribution business. He joined in December 2013, bringing 20 years of sell-side analyst experience to the role. Immediately prior to joining Entertainment One, Patrick was a top-five ranked MidCap UK Media Analyst at Peel Hunt. Prior to that he worked as a Media and TMT analyst for a number of brokers, including Canaccord Adams, Bridgewell and Credit Suisse, where he was a member of the number one ranked TMT research team. Patrick holds an MSc. in Finance from UMIST and a BSc. In Human Sciences from London University.

Programme

  • The Role of the Investor Relations Practitioner
  • Engaging with Shareholders
  • Practical Tools and techniques
     

What will I gain?

  • A thorough understanding of the UK Corporate Governance Code
  • An overview of how to tell the strategic story of the company
  • The latest thinking on best practice integrated reporting
  • The latest views on best practice online reporting

"A very useful overview of the complete reporting sphere. A lot of varied topics covered, provoking a lot of through and further investigation."

"All speakers were engaging and complementary – I liked the fact that they went into detail about the practical elements of report writing but also best website/digital practices. A great overview of where we’ve come to over the past few years and how people are adapting to print as well as other challenges."

Course tutor: Sallie Pilot - Director, Engagement and Insight, Black Sun

Director, Engagement and Insight, Black Sun

Since joining Black Sun over 20 years ago, Sallie has been providing strategic corporate communications consultancy for a wide range of UK and international clients. Sallie is an IR Society Board member has been Chair of the IR Society Best Practice Committee since 2014. Sallie is a member of the Financial Reporting Lab steering group, and is a recognised commentator in corporate reporting, responsible for publishing a wide range of industry recognised research reports. Her experience of working with leading organisations on their corporate reporting strategies and her industry leading research tracking trends in reporting of the FTSE100 for the past 12 years give Sallie a unique insight into what good looks like!

Guest speaker: Melissa Kittermaster

Asesoria Group

Melissa is a director at Asesoria Group which provides specialist expertise and consultancy support to organisations to assist them in building a sustainable business and creating long term value through their governance, corporate responsibility and human capital strategies. She is an experienced company director and advisor with a proven track record of advising boards on the areas of corporate social responsibility and human capital management. She specialises in, stakeholder engagement, non-financial reporting and leadership capability.  Melissa has extensive experience of advising companies on their annual and corporate responsibility reporting across a range of sectors.  She has undertaken extensive engagement with investors and other key stakeholders to understand their expectations of corporate governance and company reporting.  She uses this knowledge to take a pragmatic approach to narrative reporting and communicating a company’s material activities in annual reporting

Guest speaker: Andrew Jones

International Integrated Reporting Council

Andrew leads the IIRC’s investor engagement programme which aims to help investors to understand the IIRC’s aims and the benefits of a broader more integrated approach to reporting and to encourage them to support or encourage this in their investee companies.Andrew is on a part-time secondment to the IIRC from KPMG Makinson Cowell.  He has over twenty years of experience with Makinson Cowell (now part of KPMG) and leads Makinson Cowell’s research team which advises stock market listed businesses on how institutional shareholders assess their investments and the performance and valuation measures they use. Andrew has long-standing experience on committees and panels involved in application of accounting standards and corporate reporting including:  the UK’s UITF, the FRC’s narrative reporting panel and tax accounting panel.  He also chairs the ICAEW’s Research Advisory Board.

Programme

  • Introduction and course objectives
  • Telling the strategic story
  • Integrated reporting
  • Online reporting – an update on trends and new technology
  • A best practice review
  • Course Summary and Q&A

What will I gain?

  • The ability to review an integrated set of P&L, Balance Sheet and Cash Flow forecasts
  • A review of key forecast metrics such as: PBT, EBITA, EPS, etc.
  • An understanding of the value of financial ratios to evaluate business performance
  • An overview of valuation methodologies, including DCF

"I enjoyed the course and found it to be a useful overview. The main challenge is that it's a topic with so much to cover but some useful practical elements covered in one day."

Course tutor: Geoffrey Collyer

Managing Director - Lavender Bank Partners

As a leading leisure sector analyst, Geof has charted, analysed and in some cases helped to reshape several leisure industries, and his extensive experience makes Geof perfectly placed to assess the corporate strategies of the good, the bad and the ugly that make up the constituents of the public and private markets. 

Geof has 38 years combined industry and investment banking experience and has spent the last 30 years in a Top 3 rated sector equity research team, working for Wood McKenzie, NatWest Markets, Banker’s Trust and Deutsche Bank, where he was MD of the Pan European Travel & Leisure Research Team. Having seen a variety of valuation methodologies come and go and come back into fashion again - and some new ones invented - Geof has developed a detailed understanding of how companies and managements should be viewed and rated, and how companies should deal with both the buy- and sell-side communities. 

During his city time, he has acted as corporate research broker to over 20 different Plcs, been involved in over 40 M&A transactions, and directly or indirectly, in over a dozen IPOs. Geof currently runs his own strategic consultancy business, Lavender Bank Partners.

Programme

  • Financial Modelling House Keeping
  • The model starting point: An integrated set of P&L, Balance Sheet & Cash Flow forecasts
  • Analysis of Business Performance
  • An overview of valuation methodologies: Absolute & Relative approaches to valuation
  • Discounted Cash Flow
  • Relative Valuation approaches
  • Putting it all together: A case study

(Attendees will receive an information pack in advance containing the basic model to be used for the course, including historic P&L, Cash Flow and Balance Sheet statements).

What will I gain?

  • A comprehensive understanding of SRI issues
  • An in-depth review of current and future sustainability trends
  • Valuable insight into shaping messages to stakeholders
  • Advice on developing an SRI roadshow

"Really informative and engaging, learnt a lot."

"Mike adapted well to the group's needs, and it was good to have buy-side speaker."

"Course was very informative and ran smoothly. It answered the questions that I had going into the day."

Course tutor: Mike Tyrrell - Editor, SRI-CONNECT

Mike has been helping companies communicate with SRI investors for the past 15 years, during which time he has worked on the buy-side, sell-side and most recently for the independent communications platform, SRI-CONNECT. Mike has spent 18 years as an SRI Analyst, initially at Jupiter Asset Management and then at HSBC Global Equities where he established the first SRI research on the ‘sell-side’ and, most recently, at Citi Investment Research. Mike is currently Editor at SRI-CONNECT and brings a wealth of knowledge and experience to the Society’s advanced IR ESG/Sustainability course, introduced in 2016.

Programme

  • Introducing Sustainable & Responsible Investment
  • Experiences to date | Questions for today
  • 10 steps to Take Control of SRI Communications
  • What investors and companies think of each other
  • IRRI Survey results
  • Summary – final questions; final answers; next steps

What will I gain?

  • An insight into developing strategic messaging for a wide audience
  • An understanding of the challenges involved in creating a strategic framework for social media
  • Advice on how to better align the two disciplines

"Excellent course!"

"Whilst the presentation met the stated aim of the course, I found the interactive nature of the course particularly beneficial, with both the Q&A with the trainers and other IROs exceptionally useful."

Course tutor: Reg Hoare

Managing Director - MHP

Reg is a Managing Director of MHP, a leading Financial PR and IR consultancy. Reg joined Hogarth in 2010 (Hogarth becoming part of MHP), having previously worked for Smithfield and Weber Shandwick and its predecessor business Ludgate Communications. Between 1983 and 1995 Reg was a stockbroker with W Greenwell, SG Warburg Securities and Nomura International. He has been a member of the Investor Relations Society for many years, sitting on both its membership and events committees and is currently Chairman of the new Corporate Affairs Committee. Reg has an honours degree in Politics from the University of Bristol.

Programme

  • Evolution of Financial PR role
  • A strategic approach
  • A framework for social and digital media

What will I gain?

Participants will be able to:

  • Define what a plc board needs from its IR team
  • Explore what marks out a best-of-class IRO/Board dynamic
  • Identify gaps in experience and relationship which may be a current barrier to developing a role as a trusted adviser
  • Understand the key stakeholders in and around the Board; how this defines the agenda
  • Identify the key activities an IRO should seek to be involved in and, where appropriate, own
  • Assess how different events and special situations might require a particular approach
  • Understand how to best use advisers to support the Board engagement

Course tutor: John Dawson

Partner at Statera Partners LLP

John has been a leader in the field of investor relations for nearly 20 years and is a former Chairman of the IR Society.  As an in-house practitioner, John has advised senior management and Boards on numerous complex investor, corporate and communications challenges leveraging his financial expertise and practical experience. John has led Investor Relations, Corporate Communications and Strategic Marketing functions over his career with Cadbury, ICI, Exel, National Grid and, most recently, Rolls-Royce. 

Programme

  • Board core requirements from the IR team
  • Developing a best-in-class relationship with key Board members
  • Building influence and impact; making informed judgements
  • How to make the case for an empowered IRO at the board table
  • Building a personal and professional toolkit as a senior IRO
  • Case study-led discussions on key elements of Board engagement:
  • Crisis situations
  • Dividend Policy deliberations
  • Activist engagement
  • How to work with advisers and leverage their influence
Book now

Course level

Core IR Skills

Location

Central London

CPD points

40

Course dates

5 September 2018
9.00am to 5.00pm

7 November 2018
9.00am to 5.00pm

  • IR Society members (£898 + VAT)
    £1077.6
  • IR Society Premium members (course allowance included in membership package)
    £0
  • Non-members (£1198 + VAT)
    £1437.6
Book now
Book now

Course level

Core IR Skills

Location

Central London

CPD points

40 per day

Course dates

11 September 2018
9.00am to 4.00pm

14 November 2018
9.00am to 4.00pm

  • IR Society members (£898 + VAT)
    £1077.6
  • IR Society Premium members (course allowance included in membership package)
    £0
  • Non-members (£1198 + VAT)
    £1437.60
Book now

Book now

Course level

Certificate in IR (CIR)

Location

Central London

Course dates

25 September 2018
9.30am to 4.30pm

27 November 2018
9.30am to 4.30pm

Book now

Book now

Course level

IR Fundamentals

Location

Central London

CPD points

40

Course dates

18 September 2018
9.00am to 4.15pm

22 November 2018
9.00am to 4.15pm

Book now

Book now

Course level

Certificate in IR (CIR)

Location

IR Society, 5th Floor, 30 Coleman Street, London EC2R 5AL

Course dates

9 October 2018
9.30am to 10.30am

11 December 2018
9.30am to 10.30am

Book now

Book now

Course level

IR Fundamentals

Location

Central London

CPD points

40

Course dates

9 October 2018
9.00am to 4.15pm

Book now

Book now

Course level

Core IR Skills

Location

Central London

CPD points

20

Course dates

16 October 2018
9.00am to 1.30pm

Book now

Book now

Course level

Core IR Skills

Location

Central London

CPD points

20

Course dates

2 October 2018
9.00am to 1.00pm

Book now

Book now

Course level

IR Fundamentals

Location

Central London

CPD points

20

Course dates

10 October 2018
9.00am to 1.00pm

Book now

Book now

Course level

Core IR Skills

Location

Central London

CPD points

20

Course dates

13 September 2018
9.00am to 1.00pm

Book now

Book now

Course level

Advanced IR

Location

Central London, TBC

CPD points

40

Course dates

30 October 2018
9.00am to 5.00pm

Book now

Book now

Course level

Advanced IR

Location

Central London

CPD points

20

Course dates

23 October 2018
9.00am to 1.00pm

Book now

Book now

Course level

Advanced IR

Location

Central London

CPD points

20

Course dates

18 October 2018
9.00am to 1.00pm

Book now

Book now

Course level

Advanced IR

Location

Central London

CPD points

20

Course dates

13 November 2018
9.00am to 1.30pm

Book now

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